Insured losses overestimated by hurricane modelers, experts say

01/20/2010 | PropertyCasualty360

Catastrophe modeling firms had issued hurricane damage forecasts that "significantly overestimated" actual insured losses from 2006 to 2009, according to Karen Clark & Company. "Given all of the uncertainties, near-term projections do not have sufficient credibility to be used for important insurance applications such as product pricing and establishing solvency standards," the consulting firm said.

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